The teams agreed to the trade Nov. 13, but there was a delay before the it could become official, primarily because, according to MLB.com, it was difficult to organize the required physicals for the 12 players involved.

Bud Selig is required to approve any trade that involves more than $1 million in cash exchanging hands. (AP Photo)

According to MLB.com’s report, the Blue Jays will receive $4 million to help compensate for the almost $165 million in salary headed their way in the biggest deal in franchise history—both in terms of the number of players and money involved.

While the two sides were waiting for everything to check out with the players, commissioner Bud Selig also took a look at the deal. Selig is required to approve any trade that involves more than $1 million in cash exchanging hands.

"After a thorough examination of this information, it is my conclusion that this transaction, involving established Major Leaguers and highly regarded young players and prospects, represents the exercise of plausible baseball judgment on the part of both Clubs, does not violate any express rule of Major League Baseball and does not otherwise warrant the exercise of any of my powers to prevent its completion," Selig said in a statement.

The Marlins have been widely criticized for the deal that undid two of the team’s most high-profile free-agent acquisitions last offseason, the signings of Reyes and Buerhle, in advance of opening their new stadium built in great part with taxpayer money.

"I've talked to two baseball people—I have a lot of people that I check with and talk to—who have, actually, an interesting view on the trade," Selig told reporters last week. "They think that (Miami), in terms of young players, did very well. These are two independent baseball people. These are not chefs in these kitchens here.

"So I want to think about all of it and I want to review everything. I want to be my usual painstaking, cautious, slow, conservative self in analyzing it. … There's a lot of variables here."

The trade represents a massive financial commitment on the part of Rogers Communications, which owns the Blue Jays. Toronto, which hasn’t made the playoffs since 1993, ranked 23rd in baseball with a $75 million salary in 2012, but will now see that number rise above the $120 million mark.

According to MLB.com, it's the first time in franchise history that the club has assumed more than $100 million in payroll during the course of one season.